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They would be replaced by Punjab National Bank, Shriram Finance, Trent, TVS Motor and Zydus Lifesciences, per a release issued by the stock exchange.
Five firms, including ACC Ltd, HDFC Asset Management Company and FSN E-Commerce Ventures that runs Nykaa, will be dropped from Nifty Next 50 index from September 29. NSE Indices Ltd, an arm of the National Stock Exchange, on Thursday said that Indus Towers and Page Industries will also be dropped from the index. Punjab National Bank, Trent, Sriram Finance, TVS Motor Company, and Zydus Lifesciences will be included in the Nifty Next 50 index, NSE Indices said in a statement.
BofA, which has taken a neutral view on the counter, sees competition as a key downside risk for Nykaa while ICICI Securities downgraded the stock to 'Add' and advocated tighter corporate spend to meet margin expectations.
Nykaa's shares are declining today mainly due to two reasons — not so encouraging Q1 results 2023 and weak stock market sentiments
Nykaa stock price today opened lower and went on to hit intraday low of ₹130.10 apiece on NSE, which is near 11% lower from its Friday close of ₹146.20 per share levels